And despite investor concern that the company is running out of room to place ads in the News Feed and the fact that it expects ad revenue growth rate to "come down meaningfully" in 2017, analysts' reactions have been overwhelmingly bullish.

Here's what they had to say following that blockbuster earnings report:

Deutsche Bank: "Results as sweet as cookie layer crunch"

Analysts at Deutsche Bank believe "the execution at Facebook is almost unrivaled in the Internet space," and they expect revenue estimates are likely to move even higher in 2017.

Price target: $155 (from $150)

Morgan Stanley: "One day we may say: 'and that was before video'"

Analysts at Morgan Stanley expect Facebook's focus on video will lead to even higher monetisation in 2017. Brian Nowak and his team think Facebook's stock is still "materially undervalued," and that this quarter's results "speak to how early it still is in the platform's monetisation and potential earnings power."

Price target: $165 (from $150)

Stifel: "The best is yet to come"

Once Facebook gets past the "experimentation stage with new [video ad] formats," Stifel analysts believe video could be a more meaningful revenue driver.

Price target: $165 (from $155)

Citi: "4Q16 results were ahead of even the most bullish expectations"

One of Citi's key risks to its bullish view is that the stock could trade even higher than analyst expectations. The analysts also believe that Facebook's reported revenue was higher than the most bullish expectations.

Price target: $165 (from $133)

Goldman Sachs: "More beats to come in 2017"

Analysts at Goldman note that the most recent results "fall more squarely into the bull camp," following the previous quarter which had "something for the bulls and the bears."

Price target: $162 (no change)

Macquarie: "The big will get bigger"

"The bottom line is that FB continues to execute and has many large opportunities in front of it, with video the biggest in the near/mid-term," Macquarie analysts say. And they see a continuation of "the big getting bigger" this earnings season for Facebook and Google, Apple, and Amazon too.

Price target: $160 (from $155)

Pacific Crest: "Significant room for growth in excess of current estimates over the next several years."

Analysts at Pacific Crest talk about the "flywheel effect" of Facebook's short-form video strategy: "This should maximize engagement, which should create attractive monetization opportunities for creators and create a flywheel effect of steadily improving content, increasing consumption and growing monetization."

Price target: $155 (from $150)

Raymond James: "We reiterate our strong buy rating"

Post-earnings, Raymond James has increased its already bullish 12-month price target by $20.